CBN Maintains MPR at 26.5% Amid Inflation Concerns

On April 26, 2026, the Central Bank of Nigeria (CBN) decided to maintain the Monetary Policy Rate (MPR) at 26.5% during its 305th Monetary Policy Committee (MPC) meeting in Abuja. CBN Governor Olayemi Cardoso stated that this decision was made after a comprehensive assessment of the risk outlook, despite inflation rising for two consecutive months due to external shocks, particularly from the Middle East crisis affecting energy prices.

The MPC recognized the transitory nature of these inflationary pressures and expressed confidence in the current macroeconomic environment's robustness. The CBN also kept the Cash Reserve Requirement (CRR) unchanged at 45% for Deposit Money Banks (DMBs) and 16% for merchant banks.

The CBN's commitment to stabilizing the exchange rate and improving external reserves was noted, alongside the successful recapitalization of 33 banks, enhancing their financial soundness. The headline inflation rate rose to 15.69% in April 2026, driven by increased food prices, while core inflation moderated to 15.86%.